03-05-2013 10:29 AM
I probably sould have put more info in my post ... no realy need to continue to build my credit (well, from auto loans at least - util is hurting me the most), I'm in the very high 600 range/low 700s, depending on bureau, but only because of high-ish util, which i'm rapidly paying down. I've had several auto leases and loans, paid as agreed. Refi'd a few leases into loans, just never paid one off in cash. I like the car and want to keep it for a few years, and am excited to try the "no car payments" thing for awhile.
03-06-2013 09:13 AM
Because the lease is still considered as an installment loan on your credit report paying it off and closing it will have a negligible effect on your credit score itself. What it will do is remain as a positive trade line for about 10 years. And the reduction in debt payments on a monthly basis (no car payment) while not having a direct impact on your credit score will have a dramatic increase in your financial well being score. Congratulations on being able to do that. You must be managing your money well.
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